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It adds: "The club has never been offered the true ability to buy a stake in Arena Coventry Limited (ACL - the Ricoh operating company), nor anything close to the deal Wasps concluded.

"This has been devastating to the long-term interests of the club and its fans.

"Sisu had no choice but to bring litigation to challenge various aspects of the council's deal with Wasps.

"Litigation is the only route available to Sisu to protect the club's interests in the long term and has never been financed by the club."

What we were told the new Highfield Road stadium could look like

Stadium plans

Today, Sisu have said plans for a Sky Blues' stadium have not been abandoned.

The hedge fund says it has continued to invest time and money into plans for a stadium while the long-running legal action has been ongoing.

The statement adds: "Sisu has, in parallel to the litigation, continued to invest money and time in exploring and putting together a proposal for the construction of a new stadium which would become the club's long term home.

"Sisu is yet to receive any indication of the likelihood of the proposal being agreed by the council."

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Selling the club

It says the proof of funds to back up these offers has never been forthcoming.

The statement adds: "Sisu wants to make the club successful, both on and off the pitch. Any serious and determined owner of the club would want the same thing.

"Contrary to the popular view, there is no magic solution to the current difficulties via the sale of the club to another the sale of the club to another owner.

"In any case, to date Sisu has not received any offers with accompanying proof of funds."

Investing in the club

The London hedge fund says it has invested more than £50m since first getting involved with the club in 2007 and "devoted extensive time and effort trying to get the club back to a secure financial footing".

The statement adds: "The club was going under when Sisu got involved to rescue it.

"Sisu funded the club in 2007 and early 2008 even before completing the purchase of CCFC in March 2008; an unusual, but necessary, step to pay wages and related costs to staff."

It adds: "Sisu invested over £37m between December 2007 and 2011.

"Over £30m of that was invested in player acquisitions, player wages, rental costs and capex in an attempt to get back into the Premiership.

"The rest was spent on historic debts, late creditors and HMRC payments.

"Since 2011, Sisu has invested a further £20m, including continuing to finance a competitive team on the pitch despite relegation, financing the administration process and the losses associated with the enforced short term move to Northamtpon.

"Following the return to the Ricoh Arena, Sisu has continued to provide short term financial support as the club progresses towards a break even position."